• 아태비즈니스연구
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• 제11권1호
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• pp.61-75
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• 2020

Purpose - The purpose of this study was to examine the efficiency of the foreign exchange markets in Korea, Japan and China. Design/methodology/approach - This study collected 1327 observations each of the daily closing exchange rates of the three currencies against the US dollar for the sample period from January 1, 2015 to January 31, 2020, based on the tests for autocorrelation, unit root tests and GARCH-M(1,1) model estimation. Findings - We have found that the autocorrelation test indicates the lack of autocorrelation and unit root test confirms the existence of unit roots in all times series of the three currencies, respectively. The GARCH-M(1,1) test results, however, suggest that the exchange rates do not follow a random walk process. In conclusion, the recent spot foreign exchange markets in Korea, Japan and China are believed to be informationally inefficient. Research implications or Originality - These findings have practical implications for both individual and institutional investors to be able to obtain excess returns on their investments in the foreign exchange markets in three countries by using appropriate risk management, portfolio strategy, technical analysis, etc. This study provides the first empirical examination on the foreign exchange market efficiency in the three biggest economies in Asia including China, which has been excluded from research due to its exchange rate regime.

• The Journal of Asian Finance, Economics and Business
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• 제9권5호
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• pp.1-9
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• 2022

The study examines stock prices (LOGKSE) and exchange rate (LOGPK)-Pakistani Rupee vis-à-vis US Dollar- interactions in Pakistan. This study employs a multivariate VAR-GARCH model using monthly data from January 2012 to October 2020. The results of the Johansen cointegration test show that there is no relationship between Foreign Exchange Market and Stock Market in the long run. In the short-run, stock exchange returns are affected slightly negatively by the changes in the foreign exchange market, but the foreign exchange market does not seem to be affected by the ups and downs of the stock exchange. The VAR model and Granger Causality show that both markets are strongly influenced by their own lagged values rather than by the lagged values of one another and show weak or no correlation between the two markets. Volatility persistence is observed in both the stock and foreign exchange markets, implying that shocks and past period volatility are major drivers of future volatility in both markets. Thus greater uncertainties today will induce panic and consequently generate higher volatility in the future period. This phenomenon has been observed many times on Pakistan Stock Exchange especially. The results have important implications for local international investors in portfolio diversification decisions and risk hedging strategies.

• 한국산업융합학회 논문집
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• 제26권5호
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• pp.833-844
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• 2023

As technology convergence is recognized as a driver of innovation, the identification of technology convergence opportunities is critical to expanding a firm's technology portfolio. Recently, wearable technology has emerged as an important factor in creating new business opportunities and providing technology investment alternatives for firms in the era of Industry 4.0. Against this background, this study provides a new patent analysis framework for identifying and proposing technology convergence opportunities in the wearable field. Using 8,621 patents filed between 2011 and 2021, a case study was conducted to identify technological convergence opportunities by applying Word2Vec algorithm. The analysis framework can be divided into four stages, with the final stage recommending potential technology convergence opportunities for a specific candidate firm's technology area by calculating similarities between technology codes. This study aims to better understand the current status of wearable technology development as well as to propose a new methodology for capturing technology convergence opportunities in the wearable industry. The case study result suggests that the convergence of healthcare and ICT may provide new development opportunities. Furthermore, the results are expected to provide alternative perspectives on the development of new markets and technologies using wearable technology and can support the strategic decision-making on future technology planning in the wearable field.

• 지식경영연구
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• 제17권3호
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• pp.181-206
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• 2016

Under the influence of growing popularity of "hallyu" (Korean wave), corporates that have copyrights such as music, movie, drama as their core competitiveness are showing continuing growth. In Addition, they built on contents are rapidly growing, interests in protection and management of intellectual property rights linked to contents are growing. Global contents development corporates are making great efforts to create profits out of copyrights. They could utilize original contents to strengthen brand value use it to produce additional contents in current market. Also they take advantage of existing storyline of the contents and strong brand to explore new markets. This paper looks into Value articulation model by Professor James Conley and analyzed the firms that utilized intellectual property rights to extend the period of protection, strengthen their competitiveness and succeeded in breaking into new market by using the rights they possess. Also, this paper examines the usage of intellectual property rights and business expansion strategy of of Iconix, the Korean entertainment company, which gained tremendous popularity in last ten years using this model. In Value articulation model, Conley classifies the process of exploiting the portfolio of the single product's(or service's) intellectual property right for a period of time into three stages ; value transference, value translation, value transportation. Pororo's strategy of utilizing intellectual property right is suggestive to domestic entertainment companies. Under the influence of hallyu" (Korean wave), domestic contents such as movies, dramas and music are enjoying the high level of popularity recently not to mention animations. In reality, Korean entertainment companies who have no background or experience of Intellectual property rights are not creating enough added values compared to fast growing market. It is believed Iconix's intellectual property rights management strategy will suggest positive aspects to domestic companies. Moreover, I hope various intellectual property rights management strategies including Conley's value articulation are studied and they can make contributions to managing domestic entertainment companies.

• 한국건설관리학회논문집
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• 제16권6호
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• pp.144-155
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• 2015

본 연구는 서울에 위치한 오피스 빌딩 및 소매용 부동산 자산 간 권역별 포트폴리오의 구성을 통해 서로 다른 용도의 상업용 부동산 간의 분산 투자 시, 포트폴리오의 위험-수익률 관계를 파악함으로써 투자의 효율성과 성과를 알아보는 것을 목적으로 한다. 이를 위해 Markowitz의 평균-분산모델을 토대로 서울지역의 오피스 빌딩 자산과 소매용 부동산 자산을 권역별로 분류하여 이들 간의 포트폴리오를 구성한 후, 포트폴리오의 투자성과, 효율성, 그리고 Sharpe 지수에 기반한 최적의 포트폴리오를 확인하였다. 구체적으로, 서울의 3대 오피스 빌딩 시장인 강남권, 여의도 마포권, 그리고 도심권과 소매용 부동산의 3대 시장인 강남권, 신촌 마포권, 그리고 도심권에 대하여, 부동산 자산의 용도와 권역에 따라 투자비율을 달리해가며 포트폴리오를 구성하였다. 분석결과, 도심권 오피스 권역의 자산비중 10~30%와 도심권 소매용 부동산 권역의 자산 비중 70~90%로 구성한 포트폴리오가 가장 높은 분기별 Sharpe 지수인 2.7118~2.7776을 제시해 최적의 자산구성임을 알 수 있었으며 이때의 분기별 수익률은 1.826%~1.838% 그리고 분기별 위험은 0.573~0.589였다. 또한 부동산 자산 간 권역별 포트폴리오의 구성 시, 서로 다른 용도를 지닌 자산간의 포트폴리오 구성에 의한 분산투자가 동일한 투자자산의 권역별 분산투자 보다 더 좋은 투자성과를 보여주는 것을 알 수 있었다. 마지막으로, 본 연구의 결과를 바탕으로 부동산간접투자시장에서도 지역 및 용도별 분산투자에 대한 이해의 폭을 넓혀 부동산 및 건설경기의 활성화에 도움이 되기를 기대한다.

• 문화기술의 융합
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• 제5권4호
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• pp.277-282
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• 2019

본 연구는 저축은행의 재무건전성에 미치는 결정요인들을 분석하였다. 특히 구조조정 이후 예대율이 재무건전성과 어떠한 상관관계를 가지는지 실증분석 하였다. 2014년 저축은행 구조조정이 마무리되면서 자산운용에 변화가 있었으며, 최근 또 다시 재무건전성을 우려하고 있는 상황에서 저축은행 재무건전성에 미치는 재무특성 변수에 대한 분석이 요구되는 시점이다. 분석결과를 요악하면, 저축은행의 예대율과 고정이하여신비율 간의 관계는 1% 유의수준에서 음(-)의 값을 가지는 것으로 나타났다. 즉 예대율이 높을수록 고정이하여신비율이 감소하는 것으로 나타났다. 예대율이 높다는 것은 대출재원으로 예금이외의 시장성 수신 등을 이용할 가능성이 높다는 것이다. 이는 저축은행의 입장에서 공격적인 대출포트폴리오를 구축하는 것이 쉽지 않을 가능성이 존재한 결과라고 할 수 있다. 즉 저축은행이 예수금을 통한 대출재원 조달이 어려울수록 위험회피성향이 강하게 나타날 수 있음을 시사하고 있다. 그 외 기업대출비중, 평균이자비용, 경제성장률이 높을수록 위험지표가 높게 나타났으며, 자산규모가 크고, 대출증가율이 높을수록 위험지표가 낮게 나타났다. 예대율 증가는 위험추구행위가 감소될 수 있으나 저축은행 재무건전성에 무조건 긍정적으로 작용함을 의미하는 것은 아니다. 따라서 예대율 규제를 통해 특정대출의 과도한 자산확대 유인을 감소하고, 대출 포트폴리오 관리를 통해 선제적 건전성 관리가 이루어져야 할 것이다.

• 디지털융복합연구
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• 제11권12호
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• pp.41-47
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• 2013

국내 미디어기업에 대한 경영전략 사례 연구가 극히 드문 상황에서, 본 연구는 대표적인 뉴미디어 콘텐츠 기업인 CJ E&M에 대한 사례분석을 실시했다. 분석틀로는 CJ E&M의 출범과 다각화 과정에 대해서는 진화론적 관점을 적용하고, 출범 이후는 외부환경분석과 자원준거관점에 기반한 내부역량분석을 실시했다. CJ E&M은 그동안 수평 수직 다각화를 통해 규모의 시너지를 높이고, 타 미디어기업과는 달리 콘텐츠 강화 전략을 꾸준하게 전개한 점이 돋보인다. 또 엔터테인먼트 미디어 산업에 대한 열정과 의지의 리더십, 전문성 높은 인적 구성, 유연하고 창의적인 기업 문화, 효과적인 콘텐츠 포트폴리오 구성 등이 CJ E&M을 국내 미디어 선도기업으로 이끈 원동력이라고 평가할 수 있다. 그러나 경쟁과 성과를 지나치게 강조하는 조직 분위기와 오너의 의지에 따라 주요 사업이 결정되는 기업구조는 오히려 조직문화를 경색시키고 글로벌 경쟁력을 약화시킬 수 있다는 점을 주지할 필요가 있다.

• 산업경영시스템학회지
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• 제46권3호
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• pp.241-250
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• 2023

Companies are paying attention to project governance to realize their goal strategies, project success, and project value in a rapid and complex environment due to the development of information technology. This study aims to explore project governance and factors from literature review and practice guides related to project governance and empirically analyze the impact of project governance factors on IT project objective performance. The survey was conducted on project managers, project team members, and project management members with experience in carrying out business IT projects within two years at companies in various industries in Korea. The main conclusion is as follows. Among the project governance factors, disclosure and reporting that uses and reports using appropriate and reliable information about projects related to decision-making activities positively impact the achievement of IT project objectives: business success and stakeholder satisfaction. Among the project governance factors, project sponsorship, a role that effectively connects management and projects, and a project management framework that provides tools, procedures, resources, and techniques for projects positively impact IT project objective performance. This study is of academic and practical significance in that it identifies the definition and factors of project governance through companies in various industries in Korea and the positive impact of project governance factors on IT project objective performance.

• 대기
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• 제34권1호
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• pp.1-21
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• 2024

Private companies are increasingly required to take more substantial actions on climate change. This study introduces the principle and cases of climate (physical) risk estimation for 11 private companies in Korea. Climate risk is defined as the product of three major determinants: hazard, exposure, and vulnerability. Hazard is the intensity or frequency of weather phenomena that can cause disasters. Vulnerability can be reflected in the function that explains the relationship between past weather records and loss records. The final climate risk is calculated by multiplying the function by the exposure, which is defined as the area or value of the target area exposed to the climate. Future climate risk is estimated by applying future exposure to estimated future hazard using climate model scenarios or statistical trends based on weather data. The estimated climate risks are developed into three types according to the demand of private companies: i) climate risk for financial portfolio management, ii) climate risk for port logistics management, iii) climate risk for supply chain management. We hope that this study will contribute to the establishment of the climate risk management system in the Korean industrial sector as a whole.

• Human Ecology Research
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• 제62권3호
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• pp.409-426
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• 2024

The purpose of this study was to analyze the financial portfolios of single-person households. For the analysis, data from the Korean Labor Panel Survey (2021) was utilized, comprising 2,905 single-person households. The major findings are as follows: First, the proportion of households with monthly savings was 32.0%, while the proportion of households holding financial assets was 72.1%. Second, regarding the composition of monthly savings, single-person households predominantly held savings accounts (93.3%), followed by insurance (4.7%), with cumulative funds at a mere 0.8%. The composition of financial assets showed that the majority were in bank deposits (78.5%), followed by risk management assets (18.0%), and investment assets (2.4%). Third, multivariate analysis results revealed that younger age, higher education level, and better financial factors were associated with a higher probability of having monthly savings. The results for financial assets were largely similar, with females showing a higher likelihood of asset possession compared to males. Fourth, the proportions of both bank savings in total savings and insurance generally had opposing effects. Fifth, age group had the greatest influence on the proportions of safety and insurance assets, followed by income group. Middle-aged households had lower proportions of safety assets but higher proportions of insurance assets compared to young households, while the opposite trend was observed for elderly households. Middle-income households had higher proportions of insurance assets compared to low-income households, whereas high-income households had higher proportions of investment assets. Lastly, cluster analysis categorized single-person households' financial portfolios into five groups: Group 1 (32.2%): "Old-Sustain" characterized by insufficient current income but economically stable retirement. Group 2 (29.4%): "Financially Active" engaging in various financial activities due to relatively high education and employment rates. Group 3 (28.0%): "Financially Inactive" classified as elderly groups with minimal financial activities. Group 4 (9.1%): "Risk Financial Structure" consisting of relatively young individuals focused on risk management assets but facing issues in financial asset management due to high-risk assets and financial loans. Group 5 (1.3%): "Stable-Insurance Oriented" with high financial assets and income concentrated in insurance for both savings and financial assets.